Financial Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2019

Fair Values of Derivative Instruments

Fair Value Measurements The following table summarizes the fair values of derivative instruments for the period indicated and the line items in the accompanying condensed consolidated balance sheets where the instruments are recorded:

In thousands	September 30   2019		December 31       2018		September 30   2019		December 31    2018
	Prepaid Expenses and Other				Other
Balance sheet caption	Current Assets				Current Liabilities
Designated as hedging:
Forward foreign currency exchange contracts	$	7,679	$	4,381	$	220	$	1,548
Not designated as hedging:
Forward foreign currency exchange contracts	$	343	$	103	$	320	$	122

Income or (Loss) from Derivative Instruments Recognized in Results of Operations

The following table summarizes the amount of income or (loss) from derivative instruments recognized in our results of operations for the periods indicated and the line items in the accompanying condensed consolidated statements of income where the results are recorded:

	Three months ended September 30						Nine months ended September 30
In thousands	2019			2018			2019			2018
Designated as hedging:
Forward foreign currency exchange contracts:
Effective portion – cost of products sold	$	1,738		$	(1,344	)	$	3,783		$	(4,939	)
Ineffective portion – other – net		—			207			—			(5	)
Not designated as hedging:
Forward foreign currency exchange contracts:
Other – net	$	(511	)	$	(477	)	$	(483	)	$	(1,078	)

Fair Value Amounts Recorded as Component of Accumulated Other Comprehensive Income (Loss) Before Taxes

A rollforward of fair value amounts recorded as a component of accumulated other comprehensive income (loss), before taxes, is as follows:

In thousands	2019			2018
Balance at January 1,	$	3,004		$	(5,640	)
Deferred gains on cash flow hedges		10,020			1,142
Reclassified to earnings		(3,783	)		4,939
Balance at September 30,	$	9,241		$	441

Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

We had the following outstanding derivatives that were used to hedge foreign exchange risks associated with forecasted transactions and designated as hedging instruments:

In thousands	September 30, 2019		December 31, 2018
Derivative
Sell/Buy - sell notional
Philippine Peso / British Pound		—		13,140
Philippine Peso / Euro		6,784		16,446
Euro / British Pound		17,428		15,250
U.S. Dollar / Euro		6,859		88
U.S. Dollar / Canadian Dollar		1,850		—
Sell/Buy - buy notional
Euro / Philippine Peso		889,778		1,069,006
British Pound / Philippine Peso		1,083,507		980,137
Euro / U.S. Dollar		87,872		76,417
U.S. Dollar / Canadian Dollar		34,934		35,154
Canadian Dollar / U.S. Dollar		1,850		—
British Pound / Euro		—		216

Not Designated as Hedging [Member]

Outstanding Derivatives Used to Hedge Foreign Exchange Risks

The following sets forth derivatives used to mitigate the impact changes in currency exchange rates have on balance sheet monetary assets and liabilities:

In thousands	September 30, 2019		December 31, 2018
Derivative
Sell/Buy -  sell notional
U.S. Dollar / British Pound		26,000		25,500
British Pound / Euro		3,000		2,000
Sell/Buy - buy notional
Euro / U.S. Dollar		12,000		11,000
British Pound / Euro		9,000		8,000